BitMine Immersion Boosts ETH Reserves to 3.505M, Records $1.66B Unrealized Loss
BitMine Immersion, the world’s second-largest crypto reserve firm, increased its Ethereum reserves to 3.5057 million ETH—about 2.9% of total supply—by acquiring 110,288 ETH last week, a 34% weekly rise. At current prices, its ETH holdings are worth $12.4 billion. With an average cost basis of $4,020 per ETH, BitMine’s total outlay exceeds $14 billion, resulting in a $1.66 billion unrealized loss. Despite this paper loss amid recent price pullbacks, the continued boost in Ethereum reserves underscores strong institutional confidence. Other crypto treasury stocks have seen market value declines, indicating mixed sentiment across the sector. Traders should monitor potential supply tightening and price volatility as BitMine expands its ETH holdings.
Bullish
BitMine Immersion’s significant Ethereum reserves increase signals growing institutional demand, which can tighten market supply and support higher prices over the long term. In the short term, the sizable unrealized loss and recent price pullbacks may add volatility as BitMine’s average cost basis sits above current prices. However, the firm’s continued ETH accumulation demonstrates confidence in Ethereum’s fundamentals and is likely to be viewed as bullish by traders, reinforcing positive sentiment and potential upward pressure on ETH.